Minutes:
Pursuant to Cabinet Minute No. 38 (2017/18) the Economic Growth Manager submitted a report seeking approval to pursue a new build option for the Saltergate Multi-Storey Car Park as part of the Northern Gateway Scheme.
The report detailed the poor state of repair of Saltergate MSCP, which urgently needed to be addressed, including reference to the feasibility report and pre-construction mid-point report, which had identified that significantly more repairs were needed than previously expected. Refurbishment was therefore no longer considered to represent value for money when only offering a design life of 10 years to first maintenance.
The report detailed the preferred new build option and the benefits this would bring:
· Future proof the regeneration of the Northern Gateway area;
· Help to unlock the planned private sector investment in the Elder Way redevelopment scheme through the provision of secure good quality car parking;
· Improve the prospects of being able to maintain Sheffield City Region’s support for the scheme despite representing a significant variation in approach. The report noted that any re-profiling of expenditure would require Sheffield City Region approval;
· Greatly increase the lifespan of the multi storey car parking on offer in that area of the town centre from around 10 years to potentially 50 to 60 years.
The financial implications of the new build option were detailed in the report. Capital Programme monies currently committed to support the refurbishment proposal and additional Public Works Loan Board borrowing would be required to support the new build option.
RESOLVED-
1. That a new build option for the Saltergate MSCP be pursued.
2. That the Capital Programme monies currently committed to support the refurbishment proposal previously approved by Council be re-allocated to support a new build option for the Saltergate MSCP as set out in paragraph 5.1 of the officer’s report.
3. That additional PWLB borrowing to support the delivery of a new build option, as set out in paragraph 5.2 of the officer’s report, be approved.
4. That the Treasury Management Prudential Indicators, as set out in paragraph 5.19 of the officer’s report, be updated.
5. That delegated authority be granted to the Cabinet Member for Economic Growth in consultation with the Director of Finance and Resources and the Economic Growth Manager to finalise funding and financing terms and the agreements resulting from the pursuit of a new build multi storey car park option and any other items necessary for the implementation of a new build option.